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Russia Faces Labor Shortage Amid High Defense Spending

10/27/2025

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Summary

Story summary

Russia's economy faces a labor shortage and high defense spending amid the war in Ukraine.
German Gref, CEO of Sberbank, says inflation focus has crowded out growth tied to productivity and employment.
He warns that gross domestic product could grow only 0.8% this year, with an estimated labor shortfall of nearly 11 million by 2030.
President Vladimir Putin has prioritized population growth, but births are down while deaths rise.

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Story summary

Russia's economy faces a labor shortage and high defense spending amid the war in Ukraine.
German Gref, CEO of Sberbank, says inflation focus has crowded out growth tied to productivity and employment.
He warns that gross domestic product could grow only 0.8% this year, with an estimated labor shortfall of nearly 11 million by 2030.
President Vladimir Putin has prioritized population growth, but births are down while deaths rise.